China Leads Global Refining Boom

China will lead global refinery capacity expansion and investments with 3.12 million bpd additional refining capacity and US$67.3 billion capital expenditure through 2022, data and analytics company GlobalData said in a new report . Total refining capacity in the world is expected to grow by 15.1 percent between 2018 and 2022, with global crude distillation units (CDU) capacity expected to hit 117 million bpd by 2022, GlobalData said in its report. Asia will lead the pack with the highest planned and announced CDU capacity of 5.4 million bpd in 2022, followed by Africa and the Middle East with 3.2 million bpd and 2.7 million bpd, respectively. In capital expenditure (capex), Asia will again be the leader with expected capex for new build refineries of US$194.9 billion, followed by Africa and the Middle East, with US$126.6 billion and US$87.1 billion, respectively, GlobalData has estimated. Among individual countries, China is the […]